BMF welcomes Mthunzi appointment as Edcon group COO

Edgars a subsidiary of Edcon said earlier this month that it had secured at least R2.7 billion in new cash and rent deductions as part of a recapitalisation plan, a development that is expected to save thousands of jobs. Photo: David Ritchie/African News Agency (ANA)

The financially troubled Edcon said earlier this month that it had secured at least R2.7 billion in new cash and rent deductions as part of a recapitalisation plan, a development that is expected to save thousands of jobs.

"Coming at such a critical time of the group – when a number of organisations would have opted for the ‘familiar’ and the more of the same – Edcon’s decision, in the group’s own words, affirms Mr Mthunzi’s wealth of experience and an illustrious career," BMF president Andile Nomlala said in a statement.

"This appointment serves as a touchstone of value at a time when some in our society appear to cast doubts over the moral compass and competence of black executives in South Africa.